Page 5 - Gift City

REC receives RBI approval to set up subsidiary in Gujarat's GIFT City

State-owned REC Ltd on Sunday said it has received RBI's approval to set up a subsidiary in GIFT City, Gujarat. The proposed subsidiary will engage in a range of financial activities as a finance company within GIFT, including lending, investment, and other financial services, a company statement said. According to the statement, REC Ltd, under the Ministry of Power and a leading NBFC, has received a No Objection Certificate' (NOC) from the Reserve Bank of India (RBI) for setting up a subsidiary in Gujarat International Finance Tech-City (GIFT) in Gandhinagar, Gujarat. The decision to expand operations into GIFT, a burgeoning hub for financial services in India, comes as REC continues to diversify its portfolio and explore new avenues for growth, it stated. Vivek Kumar Dewangan, CMD, REC Ltd said in the statement, The GIFT City platform offers a conducive environment for international lending activities coupled with world-class infrastructure. We are confident that REC will harness

FPIs domiciled at GIFT City allowed to issue P-notes to investors

Move could boost issuance and drive flows into domestic markets, say experts

GIFT Nifty logged $82 bn turnover in April; SK Finance files draft papers

Vehicle finance and business loans-focused non-bank lender SK Finance has filed preliminary papers with Sebi to garner Rs 2,200 crore through an initial share sale

Sebi allows NRIs to own up to 100% in global funds at the GIFT City

Allows higher exposure to passive funds in group companies; increases NRI/OCI exposure to 100% if route via Gift City

NSE IX gets SEC class relief; permits US clients to trade on equity index

NSE International Exchange (NSE IX) has received US Securities Exchange Commission (SEC) class relief, allowing US clients to participate in trading Equity Index Option Contracts on the bourse, according to a statement. The class relief allows NSE IX members to get acquainted with equity indices at NSE IX through activities with approved broker-dealers and financial institutions in the US. Also, this class relief permits eligible broker-dealers and large financial institutions based in the US to trade on these index derivatives options contracts through NSE IX members, subject to compliance with the applicable laws, the bourse said in the statement on Friday. NSE IX is an International multi-assets exchange set up at GIFT City in June 2017 and recognised by the International Financial Services Centre Authority (IFSCA). Earlier in November 2020, it became the first International Exchange in Gift City to get an exemption under part 30 by the Commodity Futures Trading Commission ...

Govt unlikely to privatise GIC Re at this stage: CMD Ramaswamy Narayanan

Narayanan says the company's business from Gift City will substantially increase in the coming days

HDFC Credila raises $100 million via ECB to diversify funding resources

HDFC Credila, an erstwhile subsidiary of HDFC Limited (now HDFC Bank), focuses on the education loans business

Axis Bank introduces digital opening of US dollar FDs for NRIs at GIFT City

Axis Bank on Tuesday announced the introduction of digital US dollar fixed deposit (FD) for NRI customers at the IFSC Banking Unit (IBU) at GIFT City, Gujarat. With this introduction, Axis Bank becomes the first bank to offer a digital journey for GIFT City Deposits, the bank said in a statement. NRI customers of the bank can now open US dollar fixed deposits at GIFT City through 'Open by Axis Bank'; the mobile banking application of the lender, it said. This offering simplifies the process of booking US dollar Fixed Deposit for NRI customers, by providing them an end-to-end digital paperless solution and eliminating the need for physical documentation, it said. Besides seamlessly opening an FD account anytime from anywhere, customers can also track and manage their FD digitally, it said. With attractive interest rates, Axis Bank provides NRIs with one of the best investment opportunities, it said. The US Dollar fixed deposit also offers a wide range of investment tenures from se

FPI count at GIFT City doubles in last four months, shows NSDL data

Many fund managers are increasingly looking to redomicile their base to India's maiden International Financial Services Centre (IFSC), say legal experts

Fund of Funds commits Rs 9,500 crore for startups, says Sidbi chairman

SIDBI chairman S Ramann on Friday said that the Fund of Funds for Start-ups (FFS) has committed Rs 9,500 crore for the promotion of new ventures in the country. The FFS was unveiled by the Prime Minister on January 16, 2016, in line with the Start-up India Action Plan. It has approved a corpus of Rs 10,000 crore for contribution to various Alternative Investment Funds (AIFs) registered with SEBI. Introduced with a focused objective of supporting development and growth of innovation-driven enterprises, FFS facilitates funding needs for start-ups through participation in the capital of SEBI-registered Alternative Investment Funds. The commitment of Rs 9500 crore has led to over 100 AIFs raising Rs 56,000 crore more, he said at TiEcon Delhi 2024 conference here. "It's really a staggering figure. The ability of all of you (AIFs) to go out and bring in that kind of money from your foreign Limited Partners (LPs) convince the Indians to become LPs," he said. Observing that AIFs space is

Next big reform in Indian insurance will be indemnity cover for shipping

Amendment to have such a facility could be part of new government's early legislative agenda

TV Mohandas Pai to chair panel to boost direct listing at Gift City

The committee will also advise on scaling global debt market in Gift City

ADB approves $23 mn loan to boost fintech education, research in Gujarat

The Asian Development Bank (ADB) on Thursday said it has approved a USD 23 million loan to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India. GIFT is a state-owned enterprise established to promote and cultivate fintech ecosystems and financial services in India. It is the country's first international financial services centre and has become a fast-growing area for helping and developing local startups. "The development of India's fintech industry has transformed how people do business, contributed to economic growth, and prepared the country for the future," ADB economist Kanupriya Gupta said. "ADB's assistance will help strengthen the country's fintech education to ensure that digital and financial services become more efficient and accessible in the future," he added. In a statement, ADB said the project will construct an inclusive, sustainable, and climate-resilient International Fintech Institut

'IFSCA to set up int'l arbitration centre at IFSC for dispute resolution'

The International Financial Services Centres Authority (IFSCA) is "on the job" to set up an international arbitration centre at the IFSC, Gandhinagar, to speed up dispute resolution, its chairman K Rajaraman said on Wednesday. Finance Minister Nirmala Sitharaman in her Budget speech in 2022 announced setting up of an international arbitration centre at Gujarat International Finance Tec-City (GIFT City). Currently, GIFT-IFSC is the maiden international financial services centre in India. "The proposal is under consideration of the government...we are already on the job", he said at an event organised by the PHD Chamber of Commerce and Industry. The centre could be on the lines of the Singapore International Arbitration Centre, or the London Commercial Arbitration Centre. Asked if crypto currency is allowed in IFSC, Rajaraman said it is not permitted as it is not a safe financial product. However, he said, IFSCA is working on tokenisation of real world assets and the regulator is .

Colliers to construct Infibeam Avenues' $10 mn AI, tech hub in Ahmedabad

The AI hub will be established within GIFT City, Gujarat, with the Ahmedabad campus serving as an extension, slated to be operational within 18 months

UAE wealth fund plans $4-5 billion in investments via India's GIFT city

Trade between India and the UAE totalled $85 billion for the financial year ending March 2023, according to Indian government data

Raise standards

The higher education sector needs further improvements

Issuers in wait-and-watch mode for overseas listing at GIFT City

Issuers will wait for ecosystem to develop further before firming up listing plans

Govt approval required for IFSC listings of cos from bordering nations

The rules lay out how companies can list their shares in the International Financial Services Centre (IFSC) housed in the Gujarat International Financial Tech City (GIFT)

Book-keeping, accounting, taxation added as financial services in IFSC

With the inclusion, entities registered with the IFSC Authority will be able to provide these services to non-residents while operating from GIFT city